Reuters first with news of U.S.-China currency spat

U.S. President Barack Obama had flagged in an interview with Reuters ahead of his first trip to Asia that he would raise Washington’s concern about the level of China’s currency when he visited Beijing. The issue flared up even before he got to China as negotiators from the two countries sparred over the wording of the final communiqué at an Asia-Pacific summit in Singapore. Thanks to its inside sources, Reuters was first to report on Nov 14 that a reference to encouraging “market-oriented exchange rates” had been cut from the statement due to objections from China, which has effectively pegged the yuan against the dollar since mid-2008 and is under pressure to allow its currency to appreciate. While Reuters reported on the currency discord, rivals were sticking with old news on economic stimulus measures.